European news events in the morning session mainly concern the UK's balance of payments, expected in at -9.1billion and Germany's trade balance is expected in at +17.2 billion. North American employment figures for Canada and the USA are published in the afternoon trading session. Canada's unemployment rate is expected to rise to 7.0%, whilst the NFP jobs report for the USA is predicted to show that only 121K jobs were created in October. The unemployment rate in the USA may climb to 7.3%. The preliminary University of Michigan sentiment report is published expected to show a figure of 74.6. China delivers a raft of information late on Friday evening, the high impact news items will centre on the inflation levels, CPI expected in at 3.3%, new loans at circa 800 bn, and industrial production expected in at 10.1% up year on year. NYMEX WTI oil closed down on the day by 0.63% at $94.20 per barrel, NYMEX natural gas closed up on the day 0.60%, COMEX gold closed down 0.71% at $1308.50 per ounce, COMEX silver down 0.50% at $21.66 per ounce. Equity index futures are pointing to the main European and USA markets opening in negative territory. The DJIA is down 0.64%, the SPX down 1.16%, the NASDAQ down 1.67%. STOXX future is down 0.33%, DAX future up 0.51%, CAC future down 0.14%, and the UK FTSE future is down 0.73%.http://blog.fxcc.com/market-analysis

Upwards scenario: We see potential of market strengthening in near-term perspective. Next on tap is seen resistance level at 1.6117 (R1). Break here would suggest next intraday targets at 1.6138 (R2) and 1.6158 (R3). Downwards scenario: Break of support at 1.6065 (S1) is required to determine negative intraday bias and enable lower target at 1.6043 (S2). Clearance of this target would open a path towards to final support at 1.6023 (S3).

Upwards scenario: On the upside resistive structure at 98.27 (R1) prevents possible gains. Clearance here is required to open route towards to next target at 98.41 (R2) and then final target could be triggered at 98.55 (R3). Downwards scenario: Current price pattern suggests bearish potential if the pair manages to overcome next support level at 97.89 (S1). Possible price regress could expose our initial targets at 97.75 (S2) and 97.62 (S3) later on today.